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A Traditional Asset Protection Shelter
By J. Christopher Miller JD
The State of Florida also offers a generous homestead exemption.
A homestead exemption is an asset protection shelter created by statute that prevents one parcel of real estate and its improvements from being attached and levied upon by creditors. By investing money in luxurious homes on large tracts of land in rural areas of Florida, some doctors and many wealthy individuals are prudently protecting their estates from the reach of creditors.
EXAMPLE:
Dr. David Mackenzie, a Florida resident and domiciliary, invests $4 million of his earned cash into a home with acreage in Florida. The home fully qualifies for the homestead exemption. If Dr. Mackenzie later declares bankruptcy, his home will be exempt from the liquidation of his assets. After the liquidation, all of his debts will be discharged by the bankruptcy court.
Although Dr. Mackenzie may have lost his nonexempt assets, he will still own a $4 million asset free and clear of outstanding creditors, with which he may rebuild his accustomed lifestyle.
Assessment
Another effective use of the homestead exemption is to backstop an incorrect form of jointly owned property. Although tenancies by the entirety and joint tenancies with rights of survivorship automatically leave the surviving spouse with the full ownership of property, the surviving spouse often may use the homestead exemption to preserve a primary residence against creditors’ claims.
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